Sheikh Osman Secondary ‫مدرسة شيخ عثمان الثانوية‬

School Gardo ‫في قرطو‬

________________________________________________________________________
SUB: BUSECO CLASS: F4…… TOPIC: FINANCIAL STATMENTS
1…………………………………………………………………………………
2………………………………………………………………………………..
3………………………………………………………………………………..
4…………………………………………………………………………………
QUESTION 1: INCOME STATEMENT AND BALANCE SHEET
The following is trail balance of Zabir business center

Zabir business center

Trial balance as at 31 Dec 2020

Accounts Dr (USD) Cr (USD)

Building 600
Equipment 500
Opening stock 250
Purchase 240
Sales 720
Discount allowed 50
Discount received 80
Wages and salary 200
General expenses 30
Debtors 220
Creditors 300
Cash 160
Drawings 150
Loans 600
Capital 700

Notes
The closing stock is USD 160
Requirements:
a) Prepare the income statement for the year ended 31 Dec 2020
b) Prepare the balance sheet as at 31 Dec 2020

BY HAADI Page 1
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
.
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………

BY HAADI Page 2
………………………………………………………………………………………………
……………………………………………………………………………………………
QUESTION 2: INCOME STATEMENT AND BALANCE SHEET
The following is trail balance of Rays Enterprises

Rays Enterprises

Trial balance as at 31 Dec 2021

Accounts Dr (USD) Cr (USD)

Property and equipment 600
Trade receivables 30
Opening stock 80
Purchase 200
Sales 360
Carriage inward 15
Carriage outward 13
Discount received 30
Return inward 18
Return outward 16
Business rates 15
General expenses 12
Advertising expense 17
Trade payables 80
bank 150
Drawings 26
3 year Loans 90
Capital 600

Notes
The closing stock is USD 120
Requirements:
a) Prepare the income statement for the year ended 31 Dec 2020
b) Prepare the balance sheet as at 31 Dec 2020

BY HAADI Page 3
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
.
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………

BY HAADI Page 4
………………………………………………………………………………………………
………………………………………………………………………………………………
……………………………………………………………………………………………

BY HAADI Page 5